What happened at COP30?

2 December 2025

While COP30 did not see any major breakthroughs in the official agreements reached, the Global Mutirão, which translates as "collective efforts", confirms key themes relevant to business, including the deployment of private capital in both mitigation and adaptation, and the importance of trade.

In this briefing we unpack the outcomes of COP30 in Belém, with a particular focus on what the negotiations mean for businesses, international climate financing and the voluntary carbon markets. As in previous COPs, at COP30 there was a focus on achieving a decision that all parties could agree to, a continuing challenge as that requires unanimity. The final text of the Decision, "Global Mutirão: Uniting humanity in a global mobilization against climate change," was agreed in the early hours of 22 November.

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